On December 23, 2014, the Board of Governors of the Federal Reserve (“Federal Reserve Board”) along with other regulatory agencies responsible for implementing the Volcker Rule added an additional question under the Volcker Rule Frequently Asked Questions (“FAQs”) page relating to metrics reporting and confidentiality under the Freedom of Information Act (“FOIA”). The updated FAQs indicate that the agencies will maintain the confidentiality of the reported information to the extent permitted by law and encourages entities subject to Appendix A of the Volcker Rule to evaluate potential exemptions and ask for confidential treatment if appropriate, including under Exemption 4 of the FOIA, which exempts confidential trade secrets and commercial information from disclosure.

The updated Volcker Rule FAQs are available at:

http://www.federalreserve.gov/bankinforeg/volcker-rule/faq.htm.